Trading sweeps on momentum moves allowed for a profitable day yesterday.
And today I’m on a mission to make money with Morgan Stanley’s assistance!
One sector in particular could catch Wall Street’s attention today ahead of getting back to business this coming weekend…
As the economy is attempting to gradually reopen one step at a time, it should come as no surprise that one city in particular has been a frequent topic of discussion.
Las Vegas is economically dependent on its resorts, casinos, dining, and nightlife.
None of those attractions are currently operating, as you may know.
However, as early as this weekend, Las Vegas’ famous casinos could start to reopen with safety measures in place.
While there are a handful of casino stocks available to be traded, one casino stock which both myself and Wall Street’s biggest players enjoy trading is Wynn Resorts (NYSE: WYNN).
Additionally, I know it’s #1 on the top 20 stocks which financial professionals at Morgan Stanley are looking at ahead of today’s opening bell!
During yesterday’s trading session I noticed some fairly small call option sweeps on WYNN. While I didn’t take action during yesterday’s trading session, I certainly noted it as one to watch coming into today’s trading session.
And that’s exactly what I’ll be doing, especially given the fact that it’s trading right above its 20-day simple moving average line support, shown in green in the chart above.
Given the stock market’s recent uptrend, upon buying into call option sweeps (which is a bullish bet), I’ve been closing at least half of my position by the closing bell, and stretching the remainder overnight for a larger profit potential.
Should WYNN remain trading above its 20-day simple moving average line through today’s trading session, I’ll be interested in participating in a call option sweep and closing at least half before the closing bell, ideally for profit.
Yours for TrackStar trading,
America’s #1 Premarket and Day Trader
Disclaimer: This is not investment advice. This article is for information purposes only and opinion-based on financial advisor data across a selection of websites. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions.